Deutsche Bank Ditches Arctic Drilling After Pressure From Activists
By Krissy Waite
The bank, a multinational investment company headquartered in Germany, announced Monday that it will no longer offer financial services to new projects that involve drilling for oil or gas in the Arctic. The policy also states it will not fund any tar sand projects or fracking in areas that have low water supply.
Concerns over the Arctic have risen in recent weeks as the region has been battling a prolonged heatwave and wildfires, which have been caused by human-driven climate change.
Last week, the World Meteorological Organization announced that Siberia's average temperature in June was 10°C above normal. The Arctic is warming over two times faster than the rest of the world.
Ben Cushing, Sierra Club senior campaign representative, said in a statement that it is becoming clear to banks that divesting from Arctic drilling is important. He pointed to the Arctic National Wildlife Refuge, which spans over 19 million acres of Alaskan land.
"As the list of major banks rejecting funding for Arctic drilling continues to grow, it's clearer by the day that investing in the destruction of the Arctic Refuge would be a mistake," Cushing said. "The Trump administration may still think auctioning off the Arctic Refuge is a good idea, but it′s obvious that oil companies would be foolish to take them up on their offer."
In 2017, Congress passed a provision allowing refuge lands to be leased to oil companies. Drilling is incredibly harmful to the people and wildlife that live in the refuge because it because it divides natural habitats and interrupts migration patterns. Polar bears, caribou, and the 270 other species of wildlife — and the Gwich'in people who rely on certain animals for sustenance — would suffer.
Deutsche stated it will not be terminating any current financial backing of Arctic drilling projects, but that it will be evaluating all ongoing oil and gas business ventures by the end of 2020 and end any business in coal mining by or before 2025.
Urgewald, a Germany-based environment and human rights NGO that focuses on divesting from destructive projects, tweeted in response to the news that while Deutsche Bank's policy is needed, it's too little and too late.
@DeutscheBankAG 's new policies are much-needed movement, but too little and too late. As long as companies like… https://t.co/DcqP5pE8S9— urgewald (@urgewald)1595852876.0
Bill McKibben, co-founder of 350.org, celebrated the news by congratulating Indigenous groups on their organizing.
Add @DeutscheBank to the growing list of banks that won't touch Arctic or tarsands projects. Such great organizing,… https://t.co/EIZt732RpT— Bill McKibben (@Bill McKibben)1595857366.0
Tara Houska, founder of Giniw Collective and co-founder of Not Your Mascots, welcomed the bank's decision and called for others to follow suit. "If DeutschBank can stop, any of the banks can," she said. "Who's next?"
Visited this bank in 2017, it had intense security. Felt the most removed, unconcerned about the human rights of th… https://t.co/wpEy2E7HOy— tara houska ᔖᐳᐌᑴ (@tara houska ᔖᐳᐌᑴ)1595858954.0
Deutsche Bank joins Goldman Sachs, Wells Fargo, Citi, JPMorgan Chase and Morgan Stanley — five of the biggest American banks — in banning Arctic drilling from its company. Bank of America is currently the last of the largest banks in the U.S. to issue an anti-Arctic drilling policy or statement. Globally, about two dozen banks have adopted these policies.
Reposted with permission from Common Dreams.
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- Redwoods are the world's tallest trees.
- Now scientists have discovered they are even bigger than we thought.
- Using laser technology they map the 80-meter giants.
- Trees are a key plank in the fight against climate change.
They are among the largest trees in the world, descendants of forests where dinosaurs roamed.
Pixabay / Simi Luft<p><span>Until recently, measuring these trees meant scaling their 80 meter high trunks with a tape measure. Now, a team of scientists from University College London and the University of Maryland uses advanced laser scanning, to create 3D maps and calculate the total mass.</span></p><p>The results are striking: suggesting the trees <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">may be as much as 30% larger than earlier measurements suggested.</a> Part of that could be due to the additional trunks the Redwoods can grow as they age, <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">a process known as reiteration</a>.</p>
New 3D measurements of large redwood trees for biomass and structure. Nature / UCL<p>Measuring the trees more accurately is important because carbon capture will probably play a key role in the battle against climate change. Forest <a href="https://www.wri.org/blog/2020/09/carbon-sequestration-natural-forest-regrowth" target="_blank">growth could absorb billions of tons</a> of carbon dioxide from the atmosphere each year.</p><p>"The importance of big trees is widely-recognised in terms of carbon storage, demographics and impact on their surrounding ecosystems," the authors wrote<a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank"> in the journal Nature</a>. "Unfortunately the importance of big trees is in direct proportion to the difficulty of measuring them."</p><p>Redwoods are so long lived because of their ability to <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">cope with climate change, resist disease and even survive fire damage</a>, the scientists say. Almost a fifth of their volume may be bark, which helps protect them.</p>
Carbon Capture Champions<p><span>Earlier research by scientists at Humboldt University and the University of Washington found that </span><a href="https://www.sciencedirect.com/science/article/pii/S0378112716302584" target="_blank" rel="noopener noreferrer">Redwood forests store almost 2,600 tonnes of carbon per hectare</a><span>, their bark alone containing more carbon than any other neighboring species.</span></p><p>While the importance of trees in fighting climate change is widely accepted, not all species enjoy the same protection as California's coastal Redwoods. In 2019 the world lost the equivalent of <a href="https://www.worldwildlife.org/threats/deforestation-and-forest-degradation" target="_blank" rel="noopener noreferrer">30 soccer fields of forest cover every minute</a>, due to agricultural expansion, logging and fires, according to The Worldwide Fund for Nature (WWF).</p>
Pixabay<p>Although <a href="https://c402277.ssl.cf1.rackcdn.com/publications/1420/files/original/Deforestation_fronts_-_drivers_and_responses_in_a_changing_world_-_full_report_%281%29.pdf?1610810475" target="_blank" rel="noopener noreferrer">the rate of loss is reported to have slowed in recent years</a>, reforesting the world to help stem climate change is a massive task.</p><p><span>That's why the World Economic Forum launched the Trillion Trees Challenge (</span><a href="https://www.1t.org/" target="_blank" rel="noopener noreferrer">1t.org</a><span>) and is engaging organizations and individuals across the globe through its </span><a href="https://uplink.weforum.org/uplink/s/uplink-issue/a002o00000vOf09AAC/trillion-trees" target="_blank" rel="noopener noreferrer">Uplink innovation crowdsourcing platform</a><span> to support the project.</span></p><p>That's backed up by research led by ETH Zurich/Crowther Lab showing there's potential to restore tree coverage across 2.2 billion acres of degraded land.</p><p>"Forests are critical to the health of the planet," according to <a href="https://www.1t.org/" target="_blank" rel="noopener noreferrer">1t.org</a>. "They sequester carbon, regulate global temperatures and freshwater flows, recharge groundwater, anchor fertile soil and act as flood barriers."</p><p><em data-redactor-tag="em" data-verified="redactor">Reposted with permission from the </em><span><em data-redactor-tag="em" data-verified="redactor"><a href="https://www.weforum.org/agenda/2021/03/redwoods-store-more-co2-and-are-more-enormous-than-we-thought/" target="_blank">World Economic Forum</a>.</em></span></p>
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